Finance Commissioners Demand Subsidy Accruals In Federation Account

The Forum of Commissioners for Finance of Nigeria has urged the federal government to ensure that all accruals from the removal of fuel subsidy go to the federation account.

Chairman of the forum, Mr David Olofu, made the call at a valedictory session for outgoing state commissioners for finance in Abuja yesterday.

Olofu, the immediate past  commissioner for finance and economic planning in Benue State, while commending President Bola Tinubu on the removal of subsidy, said as finance experts, the forum, like other Nigerians, had long yearned for it.

“We would like to sincerely commend the president for having that political will to do that first day in office.

“That is what we had been yearning for. He came, his first day in office, he was able to achieve that which we have always asked for,” Olofu said.

On how the president should manage funds from subsidy, Olofu said the Constitution provides for all federation revenues to go into the federation account.

“Nobody has any authority whatsoever to deduct any amount from federation revenue.

“So, I will align myself with the position of the Constitution and recommend that all the accruals go into the federation account and let it be disbursed from the federation account,” he said.

He, however, said the federal government should come up with policies and programmes that could address the challenges Nigerians are currently facing as a result of increase in the pump price of fuel due to the removal of subsidy.

“I believe that the president has the capacity and knowledge to be able to do that decisively.  He has already started it by proposing a wage increase for workers but that has to be done alongside with sub-nationals, because the sub-nationals have the bulk of civil servants in this country.

“I believe he is on track but, apart from wage increase, we also have to look at  issues of infrastructure because we believe strongly that if we can wrap up infrastructure in this country, it will also help to improve the living standard and bring down the cost of living,” he said.

Olofu appealed to Nigerians to be patient, saying, the long term benefits of what had been done by the president far outweighs the short term pains people were going through.

Incoming chairman of the forum, Wale Akinterinwa, commended his predecessor, saying Olofu did a very good work while leading the forum.

“He has actually elevated the forum to a much higher level than he met it. Be that as it may I will try to ensure that I continue from where he stopped.

“I will continue to sustain the good relationship he has created with all the revenue generating agencies as well as the Ministry of Finance and the Office of the Accountant General of the Federation”, he said.

Akinterinwa who is the commissioner for finance in Ondo State, reiterated that the removal of fuel subsidy was an overdue issue.

He said; “I commend the president for having the courage to immediately remove the fuel subsidy as he was sworn in.

“Well, we are going to feel the pain we are feeling in the short run but in the long run, it is in the best interest of everybody.”

In a remark, the  chairman, Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Mohammed Shehu, commended the forum for efforts at taking the issue of federation account very seriously.

“We hope as the years go by, the agitation on federal might or federal imposition on a lot of things would become a thing of the past.

“This is an opportunity for states  revenue mobilisation and all other agencies to collaborate in the area of increasing internally generated revenue of states and diversification of the economy,” he said.

He also said removal of fuel subsidy was good for the economy.

Shehu urged states to ensure that the monies that were eventually going to the states should be put to use properly so that “we can run a very good federation and create opportunities for jobs for Nigerians.”

Special guest of honour at the event, the Governor of Jigawa, Umar Namadi, tasked the forum to build on the legacy of the outgoing chairman, saying he brought a lot of innovations and professionalism to the organisation.